Trade models in the European Union

Author:

Gräbner-Radkowitsch Claudius1,Tamesberger Dennis2,Heimberger Philipp3,Kapelari Timo4,Kapeller Jakob5

Affiliation:

1. Europa-University Flensburg, Department for Pluralist Economics; Johannes Kepler University Linz, Institute for Comprehensive Analysis of the Economy (ICAE); ZOE. Institute for Future-Fit Economies, Cologne, Germany

2. Department for Economic, Welfare and Social Policy, Linz

3. Institute for International Economic Studies, Austria; Johannes Kepler University Linz, Institute for Comprehensive Analysis of the Economy (ICAE)

4. Institute for International Economic Studies, Austria; Johannes Kepler University Linz

5. Institute for International Economic Studies, Austria; Johannes Kepler University Linz; Institute for Socio-Economics, University of Duisburg-Essen, Germany

Abstract

By studying the factors underlying differences in trade performance across European economies, this paper derives six different ?trade models? for 22 EU countries and explores their developmental and distributional dynamics. We first introduce a typology of trade models by clustering countries on the basis of four key dimensions of trade performance: endowments, technological specialisation, labour market characteristics and regulatory requirements. The resulting clusters comprise countries that base their export success on similar trade models. Our results indicate the existence of six different trade models: the ?primary goods model? (Latvia, Estonia), the ?finance model? (Luxembourg), the ?flexible labour market model? (UK), the ?periphery model? (Greece, Portugal, Spain, Italy, France), the ?industrial workbench model? (Slovenia, Slovakia, Poland, Hungary, the Czech Republic), and the ?hightech model? (Sweden, Denmark, Netherlands, Belgium, Ireland, Finland, Germany and Austria). Subsequently, we provide a comparative analysis of the economic development and trends in inequality across these trade models. Inter alia, we observe a shrinking wage share and increasing personal income inequality in most of them, yet find that the ?high-tech model? is an exceptional case, being characterised by relatively stable economic development and an institutional setting that managed to counteract rising inequality.

Publisher

National Library of Serbia

Subject

General Economics, Econometrics and Finance

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